Answer:
The dollar amount that should be credited to Allowance for Uncollectible Accounts at year end is $ 12,100
Explanation:
Providing allowance for doubtful debts
A provision is made for the debts which are likely to be uncollectable by a company.This amount is used to adjast the Trade Receivable balances to show a faithful representation of assets a beusiness has at end of year.
Calculations
<em>December 31, 2018 Arundel Company`s Allowance for Doubtful debts is calculated as follows</em>
Credit Sales × % of allowed provision
$805,000 × 2.0%
$16,100
<em>Adjastment to be done in Allowance for Doubtful Debts Account:</em>
<em>Hint : Open Allowance for Doubtful Debts T Account:</em>
<u>Credits :</u>
Opening Balances 4,000
Balancing Figure (Profit and Loss) 12,100
Totals 16,100
<u>Debit:</u>
Closing Balance 16,100
Totals 16,100
An entrepreneur, generally, is someone who starts and runs a business. While an entrepreneur may do odd jobs here and there for other people/companies, he/she is generally self-employed and building a personal brand of some kind.
Answer:
e. Virgo deals in building equipment that requires a certified welder and Jason is not a certified welder.
Explanation:
After determining the marginal cost and the marginal benefit of an option, the next step is to DECIDE WHICH IS GREATER: MARGINAL COST OR MARGINAL BENEFIT.
If the marginal benefit is greater than the marginal cost, then it is better to proceed with the option.
If the marginal cost is greater than the marginal benefit, then it is better to retain the status quo.